Budget in Summary

[argoran]

Below is a potential model of your salary and dividend income and tax exposure, using the prospective tax rates effective from 6th April 2016:

Tax free personal allowance salary: £11,000 (tax free)
Tax free dividends: £5,000 (tax free)
Available dividends within the basic rate: £27,000
Dividends taxed at 7.5% (£27,000): (£2,025)
Take home pay: £40,975


There's a coporate tax savings of 1% from April 2016 and another 1% in 2020.

Sole Directors, get a hit on subsistence and travel, unless you have another employee or director then you're fine.

IR35 under massive scrutiny - so make sure your contract is water-tight and your work practices match that.

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Add to this thread if you have any more info to share.

[eek]

Below is a potential model of your salary and dividend income and tax exposure, using the prospective tax rates effective from 6th April 2016:

Tax free personal allowance salary: £11,000 (tax free)
Tax free dividends: £5,000 (tax free)
Available dividends within the basic rate: £27,000
Dividends taxed at 7.5% (£27,000): (£2,025)
Take home pay: £40,975


There's a coporate tax savings of 1% from April 2016 and another 1% in 2020.

Sole Directors, get a hit on subsistence and travel, unless you have another employee or director then you're fine.

IR35 under massive scrutiny - so make sure your contract is water-tight and your work practices match that.

--
Add to this thread if you have any more info to share.

Who are you?

And the subsistence and travel bit is up for discussion and you need to remember that the issue HMRC is hitting here is not us but we may be collateral damage...

[Goatfell]

Who are you?

And the subsistence and travel bit is up for discussion and you need to remember that the issue HMRC is hitting here is not us but we may be collateral damage...

Very true, but a hit is a hit. Just because you're not the primary target doesn't lessen the effect*.



*if there is an effect once all the details are clear...

[cojak]

Who are you?

And the subsistence and travel bit is up for discussion and you need to remember that the issue HMRC is hitting here is not us but we may be collateral damage...

Yeah, who are you?

And do you like gladiators? Was there anything in the budget regarding plumbing? (I've been on holiday...)

[Goatfell]

Yeah, who are you?

And do you like gladiators? Was there anything in the budget regarding plumbing? (I've been on holiday...)

Anywhere nice?
Don't you just hate being on holiday in the middle of a heatwave back home
(sent from a poolside in France)

[cojak]

Anywhere nice?
Don't you just hate being on holiday in the middle of a heatwave back home
(sent from a poolside in France)

Weymouth. The weather was lovely ta.

My phone gave up the ghost while I was there though. I need to buy an iPhone later today (I was going to buy a non-apple phone, but who am I kidding? )

[Goatfell]

Weymouth. The weather was lovely ta.

[BrilloPad]

Budget in Summary

Bend over and brace?

[stek]

Yeah, who are you?

And do you like gladiators? Was there anything in the budget regarding plumbing? (I've been on holiday...)

OP posted previously on one of the now numerous EBT threads (I think) so best not to heed any financial advice proffered......

[cojak]

OP posted previously on one of the now numerous EBT threads (I think) so best not to heed any financial advice proffered......

Oh yes, now I remember.